Financial Aid Package

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1 Academic Year Financial Aid Package Understanding Your Financial Aid

2 TABLE OF CONTENTS. Making Villanova University Affordable. Next Steps You Should Take Page 1. Sources of Aid That May be Listed on Your Award Notice Page 2. William D. Ford Federal Direct Stafford Loan Page 3. Villanova University Tuition Payment Plan and Expense Planner Page 4. William D. Ford Federal Direct Plus Loan Page 5. Private Educational Loans Page 6. Federal Direct Plus vs. Private Educational Loans Page 7. Glossary. Federal Direct Stafford and Plus Loan Repayment Chart Page 8. Costs for the Academic Year Page 9 Information About Your Financial Assistance

3 Academic Year MAKING VILLANOVA UNIVERSITY AFFORDABLE The Office of Financial Assistance at Villanova University is pleased to notify you of your financial aid eligibility and to explain the sources of financial aid that you may be qualified to receive. Please review this booklet thoroughly and retain it for future reference. What follows is a detailed explanation of all sources of federal, state, and institutional need-based financial assistance. Please note: The Office of Financial Assistance is not involved with the awarding of academic scholarships. If a scholarship appears on your award notice, a separate letter will be mailed to you containing the terms of the scholarship. Any questions regarding scholarship eligibility should be directed to the Office of University Admission. Please refer to the back cover of this booklet for their contact information. Your eligibility for need-based assistance is based on information that you provided on the Free Application for Federal Student Aid (FAFSA), the College Board PROFILE, and other documentation. The Office of Financial Assistance must be notified of any changes in information originally reported (e.g., family size, number of siblings in college, housing status) since these changes may affect your aid package. If you receive an award notice and your financial aid file is incomplete, your aid package is only an estimate and may change pending receipt of all missing information. Villanova University is committed to providing students with a rigorous, rewarding and transformative educational experience. We are equally committed to helping students and their parents make that experience affordable. Realizing that your eligibility for financial aid may not, when combined with your family s ability to pay, meet all of your educational expenses, we have developed the Family Financing Option, which includes: Villanova University Tuition Payment Plan Through the help of Tuition Management Systems (TMS), we offer this plan as a method of paying out-of-pocket expenses in 10 monthly payments in the amount of your choice. Federal Direct PLUS Loan After you have exhausted your eligibility for the Federal Direct Loan, another loan to consider is the Federal Direct PLUS Loan. It has a fixed rate and various repayment terms. Receipt of a Federal Direct PLUS Loan is based on the creditworthiness of the parent borrowing the loan. Private Educational Loans If the Tuition Payment Plan and Federal Direct PLUS Loan do not satisfy your balance, a private loan may close the gap. If you believe private educational funding is needed, we encourage you to learn about available Private Educational Loan programs and determine which one best meets your needs at link/query?schoolid=360 When the Office of Financial Assistance is notified that you have confirmed your offer of admission by submitting your admission deposit, we will send to you by June 1 information on how to apply for the various loan options available to you. NEXT STEPS YOU SHOULD TAKE 1. Read your financial aid award notice carefully. 2. Notify the Office of Financial Assistance via at if you wish to reduce or decline any portion of the aid package. Note: If you wish to take advantage of any part of the Family Financing Option you must complete the necessary steps outlined in this booklet. The Family Financing Option will not be automatically accepted as the other sources will be. 3. If your financial aid file is incomplete, provide all missing documentation to the Office of Financial Assistance by April 10, 2014, to finalize your financial aid package by May 1, Complete the necessary online requirements for any Federal Perkins, Nursing and Direct Loans. 5. Consider whether or not you want to pursue the Family Financing Option, which includes the Villanova University Tuition Payment Plan, the Federal Direct PLUS Loan, and private educational loans described in the following pages. 6. If you receive any outside sources of aid, notify the Office of Financial Assistance of each source and amount. Please note that receipt of outside aid may result in an adjustment of your aid package. 7. Contact the Office of Financial Assistance in writing if any of the following circumstances apply to you, as one or more could affect your eligibility for financial aid: Any change in housing status Receipt of outside aid (e.g. scholarships, state grants and tuition remission) Change in enrollment status from full-time to part-time Reduction in family income Financial documents, received after the award notice, that change the financial information in your aid file Deferment of your offer of admission to a subsequent term or year finaid.villanova.edu P.1

4 SOURCES OF AID THAT MAY BE LISTED ON YOUR AWARD NOTICE Federal Pell Grant Federal Pell Grants are need-based grants awarded by the federal government based upon information provided on the FAFSA. State Grant Any state grant amount listed in your award notice is an estimate and becomes finalized only when your state agency notifies Villanova University s Office of Financial Assistance. If at a later time you receive a state grant that is not reflected in your award notice, your Villanova University Grant may be reduced by the amount of the state grant. Villanova University Grant This need-based grant is awarded for a maximum of four academic years (eight semesters), excluding summer terms, to undergraduate daytime students who are enrolled full-time (a minimum of 12 credits per semester). Grant funds are credited to your account at the time of billing. The amount of your need-based Villanova University Grant is determined each year after the Office of Financial Assistance has received and reviewed all financial aid applications and documents, therefore this need-based grant amount is subject to change each year as a family s financial information, household size and number enrolled in undergraduate college changes. Net operating losses, siblings over the age of 23 years of age, parents enrolled in undergraduate or graduate school, siblings enrolled in graduate school, pursuing a second baccalaureate degree, or enrolled on a part-time basis are not considered in determining the Expected Family Contribution (EFC) for purposes of awarding the Villanova University Grant. The net value of a business or farm and information from the College Board PROFILE is included in determining eligibility for this grant. Endowed scholarship funds may replace a Villanova University Grant after the school year begins. If any changes are made to the student s award package, the student will be notified. Federal Supplemental Educational Opportunity Grant (FSEOG) Villanova University administers this need-based federal grant. Students who are eligible for a Federal Pell Grant and who demonstrate the greatest financial need receive priority. FSEOG funds are credited at the time of billing. Federal Perkins Loan This is a fixed-rate, low-interest student loan (currently at 5%) which becomes payable nine months after you leave the University or drop below half-time. You will be required to complete an online process, which includes an Entrance Interview and signing a Master Promissory Note, prior to the beginning of classes if you have been awarded and accept a Federal Perkins Loan. Nursing Student Loan Students majoring in Nursing may be eligible for this fixed-rate, low-interest loan (currently at 5%), which becomes payable nine months after you leave the University or drop below half-time. You will be required to complete an online process, which includes an Entrance Interview and Promissory Note, prior to the beginning of classes if you have been awarded and accept a Nursing Loan. Federal Work-Study (FWS) This is a need-based federal employment program for eligible full-time undergraduate students. Paychecks earned under FWS are not deducted from your student account but can be used toward your personal expenses. Please consider this when determining the amount owed on your student account. If you have qualified for FWS, more information about this program will be sent to you at a later date. William D. Ford Federal Direct Loan Subsidized Direct Loan This is a federal need-based educational loan available to undergraduate students who are enrolled at least half-time in a degree program. The federal government pays the interest on the loan during your period of enrollment of at least a half-time basis. Unsubsidized Direct Loan This is a federal educational loan available to students who are not eligible or have limited eligibility for the Subsidized Direct Loan. Students may borrow under the same terms as the Direct Subsidized Loan; however, at no time does the government subsidize the loan through payment of interest. Details about subsidized and unsubsidized loans are set forth in the following pages. You will be required to complete an online process, which includes Entrance Counseling and a Master Promissory Note, prior to the beginning of classes if you have been awarded and accept either of these loans. Family Financing Option The amount listed as the Family Financing Option is an estimate of the difference between the total estimated cost of attending Villanova University and your total financial aid package for the academic year. You may finance this difference through a variety of options described in more detail in the following pages. These include an interest-free payment plan, a Federal Direct PLUS Loan, and private educational loans. Important note regarding the crediting of funds to your student account: If you received a Tentative Financial Aid award, your aid will not credit to your student account. Once the Office of Financial Assistance receives your missing documents they are then reviewed against the information submitted on the FAFSA and College Board PROFILE. The Office of Financial Assistance will issue credit to your student account only after all documentation is submitted and Verification is complete. (See definitions for Tentative Aid Award and Verification listed under the Glossary on page 8.) P.2 Information About Your Financial Assistance

5 Academic Year WILLIAM D. FORD FEDERAL DIRECT LOAN The Federal Direct Loan is the cornerstone of any borrowing, because it offers the best available interest rate and repayment terms for the student. There are two types of Federal Direct Loans: Subsidized and Unsubsidized. A Subsidized Loan is awarded on the basis of financial need, and the government pays the interest while you are enrolled at least half-time in a degree program. An Unsubsidized Loan is awarded to students who do not qualify for the need-based Subsidized Loan or whose parents do not qualify for the Federal Direct PLUS Program. Interest accrues from the time the funds are disbursed. You may elect to pay the interest while you are enrolled or allow it to accrue and be capitalized (added to the principal balance) at the end of your grace period. Annual Loan Limits There is a $31,000 total undergraduate borrowing limit for the Federal Direct Loan for dependent undergraduate students (no more than $23,000 of this amount may be in subsidized loans) and a $57,500 limit for independent undergraduate students and dependent students whose parents are unable to obtain the Federal Direct PLUS Loan (no more than $23,000 of this amount may be in subsidized loans). If you qualify for less than the loan maximum in subsidized loans, you may borrow the difference in an unsubsidized loan. Subsidized Unsubsidized (Additional) Unsubsidized Freshman $3,500 $2,000 $4,000* Sophomore $4,500 $2,000 $4,000* Junior $5,500 $2,000 $5,000* Senior/5th Year $5,500 $2,000 $5,000* Graduate $0 $20,500 * Available only to independent undergraduate students and students whose parents are unable to obtain a Federal Direct PLUS Loan Disbursements Funds are disbursed to your account two times per year, usually at the beginning of each semester. Lender Federal Direct Loans are funded by the U.S. Department of Education (DOE) through Villanova University and are managed by the Federal Direct Loan Servicing Centers, under the supervision of the DOE. Fees Fees are deducted from the loan funds at the time of disbursement and are included in the amount you will repay. For Federal Direct Loans first disbursed on or after December 1, 2013 the origination fee is 1.072%, deducted proportionately from each loan disbursement. The entire fee for a Federal Direct Loan goes to the government to help reduce the cost of the loans. Additionally, if you do not repay your loan as scheduled, you may be charged collection costs and late fees. Interest Rate The interest rate on Federal Direct Subsidized and Unsubsidized Loans made to undergraduate students will be set prior to July 1, Please check back in July with the Office of Financial Assistance for the most up to date information. For the academic year, interest rates were as follows: First disbursement of a loan Interest rate on the unpaid balance Made on or after July 1, %* Current interest rate on the Unsubsidized Loan is 3.86% * Subject to change on July 1, Repayment Repayment begins six months after you graduate, withdraw from school or are enrolled less than half-time. Depending on your total indebtedness, the repayment term may extend up to 10 years. You also may extend your repayment term for up to 25 years depending on the amount owed and type of repayment plan selected. A minimum payment of $50 per month is required during repayment. Legislative changes eliminated the interest subsidy provided on the Federal Direct Subsidized Loans during the six-month grace period provided to students when they are no longer enrolled on at least a half-time basis. This change is effective for new Federal Direct Loans for which the first disbursement is made on or after July 1, 2012 and before July 1, Deadlines We recommend that you complete the application process for this loan 60 days before the start of classes. Applying later may delay your funds and possibly cause you to incur University late fees if your bills are not paid in a timely manner. Application Process Refer to finaid.villanova.edu for more information and for Federal Direct Loan application procedures. Master Promissory Note (MPN) Through a Federal Direct Loan MPN, you may receive multiple Subsidized and Unsubsidized Loans over a maximum 10-year period. Once a signed MPN is on file with the U.S. Department of Education, all you will have to do in future years is accept the Federal Direct Loan amount listed on your award letter. All first-time borrowers must complete a MPN prior to funds being credited to your account. If you wish to change the amount of your Federal Direct Loan, the Villanova University Office of Financial Assistance at You may complete your Federal Direct Loan MPN at studentloans.gov. Entrance Counseling All first-time borrowers must complete Entrance Counseling prior to funds being credited to your account. Visit studentloans.gov and complete the Entrance Counseling for your Federal Direct Loan. Federal Direct Loan Timeline June July (Freshmen): The Office of Financial Assistance processes application. Student visits studentloans.gov and completes Entrance Counseling for a Federal Direct Loan and signs MPN. August: Student receives loan approval notice. One-half of the approved loan funds will be credited to the student s tuition account at the beginning of the fall semester. January: One-half of the approved loan funds will be credited to the student s tuition account at the beginning of the spring semester. If your loan is not processed, please log into MyNova to make sure that all financial aid requirements are complete. finaid.villanova.edu P.3

6 VILLANOVA UNIVERSITY TUITION PAYMENT PLAN AND EXPENSE PLANNER Before you can make an informed decision about financing a college education, you must determine your remaining balance after financial aid has been applied. Use the adjoining Expense Planner to estimate the balance owed. If the resulting monthly payment is greater than your ability to pay, we encourage you to consider the Villanova University Tuition Payment Plan. Through the help of Tuition Management Systems (TMS), this method allows you to pay out-of-pocket expenses in 10 monthly payments in the amount of your choice. TMS Affordability Counseling is a free tool based on a simple principle. By determining the maximum portion of your monthly payment, you can effectively save money. A Combination Strategy Limits Debt Affordability Counseling fills the gap with your best low-interest loan option(s) so families pay their affordable monthly payments as they go and borrow only what they need. Affordability Counseling has helped hundreds of thousands of families save an average of about 50 percent of what they would normally pay in interest on borrowing. We recommend that you seriously consider the advantages of making payments as you go to reduce or satisfy your balance owed. This strategy is the most effective way to limit your debt. In early May, TMS will send information and enrollment instructions for this optional plan to you if you have submitted your deposit. You may also contact TMS for counseling on payment options and loans at (800) from 8 a.m. to 10 p.m. weekdays and 9 a.m. to 3 p.m. on Saturdays (Eastern Time), or visit villanova.afford.com to learn more about Affordability Counseling. Technology to Help You Plan We encourage you to find the link to TMS on the Villanova University website, or go directly to villanova.afford.com and view your payment options. A cost calculator is available and can be helpful after you have completed the expense planner. If your monthly payment amounts are too high to afford, then consider the combination strategy to find the best solution. The combination strategy calculates the combination of low-interest loans and monthly payments that best fits your monthly budget requirements. The loan options available are those recommended by the University when borrowing is necessary. If you need help or do not have web access, call (800) , and a TMS Education Payment Counselor will assist you with Affordability Counseling based on these same Villanova University recommendations. 1. Enter your estimated expenses.* Your Expense Planner Tuition $ General Fee +$ Health & Wellness Fee +$ Orientation Fee (Freshmen Only) +$ Room +$ Board +$ Total Estimated Expenses =$ 2. Enter your financial assistance. (Use amounts provided from your award notice). Federal Pell Grant $ State Grant +$ Federal SEOG +$ Federal Perkins Loan +$ Federal Nursing Loan +$ Villanova University Grant +$ Federal Direct Loan +$ Other Scholarships/Grants/Aid +$ Deposits Paid to School +$ Total Deductions =$ 3. Subtract Total Deductions from your Total Estimated Expenses to arrive at your Total Payment Plan Amount. Enter this amount below (and on your enrollment form if enrolling by mail). Total Payment Plan Amount =$ Number of monthly payments in your plan 10 Your Monthly Payment =$ * Please remember that in addition to the charges listed in the notice of aid eligibility from the University, students will need to purchase books and supplies and meet weekly living expenses, including transportation, throughout the year. These expenses are not eligible to be included in the Monthly Payment Option. P.4 Information About Your Financial Assistance

7 Academic Year WILLIAM D. FORD FEDERAL DIRECT PLUS LOAN A Federal Direct PLUS Loan is an easy way for parents to help finance their child s education. Federal Direct PLUS Loans can supplement any of the Federal Direct Loan variations or the Expected Family Contribution. Federal Direct PLUS Loans are not based on need but on parents creditworthiness. Villanova University parents who wish to apply only for a Federal Direct PLUS Loan must complete the Free Application for Federal Student Aid (FAFSA), available on-line at fafsa.gov, an online application at studentloans.gov, the Federal Direct PLUS Loan Master Promisary Note (MPN) and the Villanova University Federal Direct PLUS Loan application. Loan Amounts Parents can borrow up to an amount equal to the cost of attending Villanova University, less any other financial aid received. Lender Federal Direct PLUS Loans are funded by the U.S. Department of Education (DOE) through Villanova University and are managed by the Federal Direct Loan Servicing Centers, under the supervision of the DOE. Disbursements Funds are disbursed to your account two times per year, usually at the beginning of each semester. Refunds of loan proceeds are processed by the Bursar s Office by request. Fees Fees are deducted from the loan funds and are included in the amount a parent repays. The U.S. Department of Education charges a loan fee of 4.288% of the principal amount of each Federal Direct PLUS Loan. This fee is deducted proportionately from each disbursement of your loan. Interest Rate The interest rate will be set on July 1, Please check back with the Office of Financial Assistance for the most up to date information. For the academic year, the interest rate was a fixed 6.41%. Repayment The repayment period for a Federal Direct PLUS Loan begins when the loan is fully disbursed, and the first payment is due 60 days after the final disbursement for that year. However, Federal Direct PLUS borrowers may defer repayment while the dependent student for whom they borrowed is enrolled at least half-time and for six months after the student ceases to be enrolled at least half-time. Interest is charged on Federal Direct PLUS Loans during all periods, beginning on the date of the first loan disbursement. A Federal Direct PLUS Loan borrower may either pay the interest as it accrues during a deferment or allow it to accrue and be capitalized at the end of the deferment period. Depending on the amount borrowed, repayment can be made for a period of up to 10 years. When you receive your repayment disclosure, you may apply for a temporary hardship forbearance or deferment to have your payments delayed. Federal Direct PLUS Endorser When you apply for a Federal Direct PLUS Loan, the Department of Education will check your credit history. To be eligible for a Federal Direct PLUS Loan, you must not have an adverse credit history. If you are found to have an adverse credit history, you may still borrow a Federal Direct PLUS Loan with an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Federal Direct PLUS Loan if you do not repay the loan. The endorser may not be the student on whose behalf a parent obtains a Federal Direct PLUS Loan. In some cases, you may be able to obtain a Federal Direct PLUS Loan if you document that there are extenuating circumstances related to your adverse credit history. Application Process Refer to finaid.villanova.edu for more information and application procedures for the Federal Direct PLUS Loan. Master Promissory Note (MPN) Through a Federal Direct PLUS Loan MPN, you may receive multiple Federal Direct PLUS Loans over a maximum 10-year period. You have to complete the promissory note only once, unless you are applying with an endorser. Thereafter, all you need to do is supply the amount you want to borrow each year on a Villanova University Direct PLUS Loan application and successfully complete the credit-check process. An MPN must be completed for each student enrolled. Federal Direct PLUS Loan Timeline May June: Parent completes a FAFSA, an online application, Federal Direct PLUS Loan MPN and the Villanova University PLUS Loan application. Be sure to include the dollar amount you wish to borrow for the entire academic year, taking into consideration the fees (4.288%) that will be deducted from each disbursement. June July: The Office of Financial Assistance begins to certify loan applications. August: Parent receives loan approval notice. One-half of the approved loan funds will be credited to the student s tuition account at the beginning of the fall semester. January: One-half of the approved loan funds will be credited to the student s tuition account at the beginning of the spring semester. finaid.villanova.edu P.5

8 PRIVATE EDUCATIONAL LOANS A private (i.e., non-federal) educational loan enables full- and half-time students to pay for tuition and other costs associated with a college education after they have exhausted all of the other options outlined in this booklet. The program can be used along with the Villanova University Tuition Payment Plan, and Federal Direct and Federal Direct PLUS Loans. Borrower Eligibility The borrower of a private educational loan is the student. Since the private loan is based on creditworthiness, parents or creditworthy individuals may act as co-signers on this loan. (While some lenders will allow students to borrow without a credit-worthy co-signer, Villanova University highly recommends the use of a credit-worthy co-signer to possibly reduce the interest rate.) To be considered for a private loan, a student borrower and/or the co-signer may be asked to meet certain criteria: Be enrolled in certain eligible programs of study Meet certain citizenship requirements Meet credit underwriting guidelines Maintain a certain enrollment status These loans are based on creditworthiness, so we cannot guarantee that every applicant will qualify. Lenders Borrowers may select any eligible and participating lender of their choice. You may want to contact the bank, savings and loan, or credit union with whom you regularly do business. A list of Villanova University Preferred Lenders is available at link/query?schoolid=360 Disbursements The net loan proceeds are generally disbursed in two installments, one at the beginning of each semester. Disbursements are made through electronic funds transfer (EFT) or by check directly to Villanova University. Fees Fees may be charged for a private educational loan and may be tied to the borrower s and/or co-signer s creditworthiness. Interest Rates Private educational loans typically offer a variable or fixed interest rate. These loans are tied to an index, such as LIBOR or Prime, plus a margin. The interest rates and fees you pay on a private loan are based on your credit score and the credit score of your co-signer, if you have one. It is better to apply for a private loan with a co-signer even if you could qualify for the loan on your own. Applying with a co-signer usually results in a lower interest rate. Repayment A lender may offer a variety of repayment options. While most lenders will allow the student to delay repayment while the student is enrolled at least half-time, you must confirm with your lender the options that are available. For example, the lender may allow for deferment of principal but may require a borrower to either pay interest during this time or allow the interest to accumulate and then be capitalized (added to the principal balance) after the school deferment ends. Borrower Benefits Lending institutions may offer borrowers benefits such as the following: Co-signer release options Rate reductions for borrowers who elect monthly payments that are automatically deducted from a bank account Consolidation Rate reduction after a specified number of on-time payments Check with your lender for the benefits that most appeal to you and your financial needs. Application Process Refer to finaid.villanova.edu for more information and application procedures for private educational loans. P.6 Information About Your Financial Assistance

9 Academic Year FEDERAL DIRECT PLUS vs. PRIVATE EDUCATIONAL LOANS We encourage you to carefully evaluate your family s needs and financial situation before you complete a loan application. Interest Rate Fees Credit Requirements Loan Limits Cancellation Repayment Terms Deferment and/ or Forbearance Consolidation Payment Federal Direct PLUS Loan Fixed interest rate is 6.41%. The rate will be adjusted on July 1, A 4.288% origination may be deducted from the loan proceeds prior to disbursements. Credit check is based upon federal standards. Parents may borrow up to the cost of attendance less other aid. Although Federal Direct PLUS Loans must be repaid in full, there are a few situations in which your loan(s) may be discharged and your repayment obligation cancelled, including, but not limited to total and permanent disability, or your death or the death of the dependent student. For Federal Direct PLUS Loans, repayment begins either no later than 60 days after the final disbursement or, at the request of the parent borrower, six months after the date that the student for whom the loan was borrowed ceases to be enrolled at least half-time. Interest accrues from the date that the loan is disbursed. Generally, the repayment term is 10 years, and there are no prepayment penalties. Graduated repayment or extended repayment terms may be available if the borrower qualifies. Various deferment and forbearance alternatives are available. Federal Direct PLUS Loans may be consolidated. Parent borrower is responsible for repayment. Private Educational Loan Variable or fixed interest rate determined monthly or quarterly based on prime or LIBOR rate plus a margin. Interest rate is not capped. Fees may or may not be charged, check with the lender. Terms vary by lender, most of whom use credit scores or debt-to-income ratios to determine creditworthiness, interest rates and fees. International students usually borrow with a creditworthy U.S. citizen co-signer. Student (typically with co-signer) may borrow up to the cost of attendance less other aid. Limits depend on maximums established by lenders, as well as borrower and co-borrower credit scores. Death or disability insurance may be available and vary among lenders. Insurance may be available at an extra cost to borrowers. Repayment varies by lender and may begin immediately or be deferred until six months after the student ceases half-time enrollment. Students may select from several repayment plans, and most lenders allow prepayment and early payoff without penalty. Deferment options vary by lender. Some private lenders offer consolidation options, but interest rates are variable and scaled to credit. Student is responsible for repayment; however, a co-signer is equally liable. finaid.villanova.edu P.7

10 GLOSSARY Capitalized The adding of unpaid interest that accumulated during an inschool, grace or deferment period to the principal balance. This will increase the principal balance. Deferment The deferment period is a period of delayed payments while in-school or in grace period. Contact your lender for a list of available deferments. Federal Direct Loan Lender Federal Direct Loans are funded by the U.S. Department of Education through Villanova University and are managed by the Federal Direct Loan Servicing Center under the supervision of the Department of Education. Disbursement The process of sending the loan proceeds to the University s Bursar s Office. Disbursements usually coincide with the beginning of each semester. Electronic Funds Transfer (EFT) The process of disbursement that sends private educational loan proceeds electronically to the University s Bursar s Office. Entrance Counseling A review of the terms and conditions of the loan programs. All first-time borrowers must complete Entrance Counseling prior to Federal Direct Loan, Federal Perkins and Nursing Student Loans being disbursed to the student s account. Visit studentloans.gov and complete the Entrance Counseling for your Federal Direct Loan; visit com/cgi-bin/home.pl?campus=villanova and complete the Entrance Counseling for your Federal Perkins and/ or Nursing Loan, if applicable. Financial Need The difference between cost of attendance and Expected Family Contribution (EFC) as determined by the federal government using data collected on the FAFSA or the cost of attendance and EFC determined from the PROFILE. Forbearance Forbearance is an arrangement to postpone a payment for a limited and specified period of time. Interest will accrue on all loans during forbearance. Any interest that is not paid will capitalize at the end of the forbearance, and will be added to the principal balance of the loan. Common types of forbearance include Temporary Hardship, In-School Forbearance, Economic Hardship, Natural Disaster, and Military Service. Grace Period The payment free period of time that follows the student s graduation, withdraw or dropping below half-time enrollment status. During this period of time interest will accrue. For the Federal Direct Loan the grace period is 6 months and the grace period for the Federal Perkins and Nursing Student Loans are 9 months. Half-Time An enrollment status that normally is six credit hours for an undergraduate but is always determined by the University s academic policies. In-School The period when a student is enrolled on at least a half-time basis. No payments are required; however, interest does accumulate on an unsubsidized loan. Interest The cost paid by the government (for subsidized loans during subsidized periods) or by the borrower during the time the loan is outstanding. Interest is accrued using the simple method with the Federal Direct Loan. LIBOR An acronym for the London Interbank Offered Rate. Visit bloomberg.com/markets to view current LIBOR rates. Loan Consolidation The federal loan program that allows a borrower to combine all his or her federal loans and refinance them, possibly over a longer term (up to 30 years) based on amounts borrowed. Prime The interest rate that commercial banks charge their most creditworthy customers. Repayment Period The period of time following the grace period when principal and interest payments are required. The repayment term for Federal Direct and Federal Direct PLUS Loans is a maximum of 10 years but can be extended through loan consolidation or other repayment options. Satisfactory Academic Progress (SAP) The term used by schools to determine if a student is meeting the minimum academic requirements for matriculation, which are based on grade point average and number of credit hours completed. Students must be making SAP to receive all needbased aid including grants, loans and Federal Work Study. Refer to the Office of Financial Assistance website for Villanova s Satisfactory Academic Progress Policy. Tentative Financial Aid Award The term used by Villanova University to indicate that your aid has not been finalized due to missing documentation (i.e., Tax documents, signatures, W-2, etc.). Tentative awards will not credit to a student s account until all documentation is submitted and verified. Award amounts may change as a result of review of all materials. Term of Loan The number of years that a loan is in the repayment period. Verification Verification is a requirement of the U.S. Department of Education and is the process of confirming information submitted for consideration of the various Federal Title IV Funds including the Federal Pell Grant, Federal SEOG, Federal Work Study, Federal Perkins Loan and Federal Direct Loans. Applicants should be aware that this federal regulation requires them to submit tax data and other requested information to the Office of Financial Assistance before the processing of student loan applications and/or the awarding of funds. Students must submit the required information to complete the verification process no later than 45 days before the last day of the student s enrollment. Items to be verified include: adjusted gross income; U.S. income taxes paid; number of family members for whom parents provide more than half of their support; the number of children in post secondary schools who are enrolled at least half time; dependency status; untaxed income; eligible non citizen status and any other item for which conflicting information has been submitted to the Office of Financial Assistance. FEDERAL DIRECT AND PLUS LOAN REPAYMENT CHART Estimating the costs of borrowing federal student loans can be challenging, but these charts can help you make informed decisions before taking out a loan. The charts outline repayment information for different loan amounts and different types of federal student loans, including: Undergraduate Federal Direct Loan with Standard Repayment Plan Federal Direct PLUS Graduate PLUS Repayment calculators are available at by clicking on Repayment Plans and Calculators. Balance at Repayment Estimated Payment 3.86% Federal Direct Loan Number of Months in Repayment 6.41% Federal Direct PLUS and Grad PLUS Loan Estimated Payment Number of Months in Repayment $3,500 $50 80 $50 88 $5,500 $ $ $10,000 $ $ $15,000 $ $ $25,000 $ $ $30,000 $ $ $50,000* $ $ $100,000* $1, $1, $125,000* $1, $1, * Eligible for the Extended Payment Plan ** Amounts are estimated and based upon the academic year s interest rates. The interest rates for the academic year will be set on July 1, P.8 Information About Your Financial Assistance

11 Academic Year COSTS FOR THE ACADEMIC YEAR Direct Costs: What Villanova University bills directly to you. Tuition: Full-time undergraduate freshman students: $45,376 Fees General Fee: $300 Orientation Fee: $150 Student Health and Wellness Fee: $290 Average Room and Board: $12,252 Indirect Costs: These are additional costs the University does not bill you; however, they are included in the cost of attending Villanova in order to calculate your aid eligibility. Books and Supplies: $950 Personal: $900 Transportation: $600 Information About Subsequent Award Years You will need to reapply for financial aid each year. Applications for the next academic year usually are available in January, and your financial aid file must be complete by April 30 if you want to be considered for federal and institutional aid. Late applicants will be aided only if funds remain available. Villanova University is committed to maintaining the total level of funding if the Expected Family Contribution remains similar from year-to-year. However individual components within the total funding package may change. You must maintain Satisfactory Academic Progress in order to be considered for financial aid each year. Please consult the Office of Financial Assistance website for more information about Satisfactory Academic Progress. To receive the need-based Villanova University Grant, you must have financial need and continue to be registered as a full-time daytime undergraduate student. The amount of your need-based Villanova University Grant may change depending upon changes in your financial need. Funds are not awarded beyond eight academic terms. The Office of Financial Assistance would like to remind students and their families that the need-based Villanova University Grant eligibility and other need-based aid could be affected if the following circumstances occur in subsequent years: 1. Any increase or decrease in the number of members in the household 2. Receipt of outside aid (e.g. scholarships, state grants, tuition remission) 3. Change in enrollment status from full-time to part-time 4. Any increase or decrease in family income and/or assets 5. The graduation or withdrawal from an undergraduate college program by members in the household. (A family choice to continue to fund graduate education for a sibling cannot be considered.) 6. Change in housing status If you have any questions about how these circumstances could affect your aid in subsequent years, please contact the Office of Financial Assistance. Beyond this booklet, you can visit finaid.villanova.edu for more details and answers to frequently asked questions. You may also contact TMS at (800) with questions regarding the Villanova University Tuition Payment Plan. As always, you are welcome to contact the Office of Financial Assistance for further help. finaid.villanova.edu

12 Villanova University Office of Financial Assistance 800 Lancaster Avenue Villanova, PA Phone: Fax: Web: finaid.villanova.edu IMPORTANT FINANCIAL AID PACKAGE ENCLOSED IMPORTANT CONTACTS Bursar (billing and payment plans) bursar.villanova.edu Dining Services diningservices.villanova.edu International Student Services students.villanova.edu/iss Office of University Admission admission.villanova.edu Residence Life reslife.villanova.edu Tuition Management Systems villanova.afford.com

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